What's next

Well, Friday certainly wasn't nice so to heck with the weather analogy. Caterpillar and Google took chunks out of the averages but that's done, and their earnings were not bad at all, just not good enough for this edgy market. The credit markets are the key as the banks, the securities firms and the to date resilient consumer are all on investors and traders minds in a big way. With another earnings announcement week starting, the news risk appears to be more downside than upside for the market. Even good earnings with good trends(C, JPM) were met with a "sell on the news" attitude this past week, as in "let's get out when the liquidity's good". That's the negative tone, but cut through all of this news driven trading and there's opportunity.

Tonight Japan, Australia and Singapore are catching up with Friday's slide in Europe and the U.S. but the China markets and small Asian markets are holding steady.